“India’s projected 8.1% growth rate in Q2 (FY22)

New Delhi, Nov 22: India’s second quarter GDP growth would be around 8.1% with upward bias and the full financial year growth rate could be in the range of 9.3-9.6% on falling Covid cases and widening vaccine coverage, a SBI report said on Monday.

“India’s projected 8.1% growth rate in Q2 (FY22) is the highest growth across all economies. The average GDP growth of 28 selected economies has decelerated to 4.5% in Q3 (2021) as against 12.1%,” said the report authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI.

At an annual rate of 9.3-9.6%, India’s real GDP growth would now be 1.5%-1.7% higher than the pre-pandemic level of FY20.

The SBI report said that the reason for the upward revision is that India recorded only 11% increase in Covid cases during Q3 2021, second lowest among top 15 most affected countries, and the increase in cases has declined to 2.3% in Nov’21 over Sep’21.

“So far, 115.79 vaccine doses have been administered, with 81% of the eligible population receiving at least a single dose and 42% of the eligible population both doses. In certain states including Himachal Pradesh, Gujarat, Uttarakhand, Kerala, Karnataka, Telangana and Madhya Pradesh more than 50% of the eligible population has been fully vaccinated,” the report said.